EOS Suffers “Major Outage” on Coinbase as Network Performance Issues Arise

This month alone Coinbase suffered issues with EOS thrice, the exchange is still investigating the problem. Meanwhile, No blockchain is cartel resistant, but EOS’s the best, commented Block.One CEO on Binance’s research “Decentralisation, governance and EOS – a lost case?”

EOS continues to experience “degraded performance levels” on Coinbase, reported cryptocurrency exchange on Feb. 22. As a result, the exchange has temporarily suspended sending EOS while receiving EOS on the platform will be delayed.

Buys and sells of EOS on Coinbase, meanwhile are “functioning normally.”

It has been the third time this month that EOS had an issue on the exchange. On Feb. 14, Coinbase first announced delayed EOS withdrawal requests but the incident was soon resolved and the exchange stated, “We are actively monitoring this issue.”

The two days after the incident, there was yet again delays encountered in EOS send/receives which has been resolved the same day again. Coinbase wrote at that time,

“We are currently working through a backlog of outgoing EOS transactions. Customers sending EOS from Coinbase to an external address may experience a delay before the transaction appears on the blockchain. Deposits, buys, and sells are unaffected by this incident.”

The most recent one has been on Feb. 19, when the San Francisco-based degraded performance with send and receives to be delayed. The exchange implemented a fix and is currently investigating the issue.

However, out of all the cryptocurrencies, EOS still got the sign of “Major Outage” beside it on the Coinbase website.

No blockchain is cartel resistant, but EOS’s is Best – Brendan Blumer

Amidst this, Binance released a research report on “Decentralisation, governance and EOS – a lost case?”

In its report, Binance shares how the eight largest cryptocurrency by market cap of $3.88 billion, which was also the largest ICO recorded with USD 4.1 billion raised in a year-long ICO that ended in July 2017, has been labeled as “a victim of its governance,” where largest holders have “all the power.”

Taking a look at its governance, the report assesses that it lacks mechanisms to avoid or structure the process of vote trading. The incentive structure actually promotes selfish acts and individual parties have the influence to drastically change votes, states the report. It also found that two-thirds of the block producers (BPs) have the worst performance among the 21 BPs.

Blender Blumer, the CEO of Block.One, the company behind EOS countered this with, “All blockchains are voting machines where votes can be bought, whether by hardware + electricity or token ownership, therefore none are cartel resistant and all have control groups that can change anything. EOS simply better aligns interests between holders and operators.”

Moreover, its problems are aggravated by a number of other issues like changed block rewards, low voter turnouts, little transparency, 1-token-30 votes system, and little resistance to Sybil attacks.

“No blockchain is cartel resistant, but EOS is aligned,” is what Blumer had to say about this.

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Author: AnTy

New Jersey Introduces Bill For Crypto Firms To Obtain Licenses From State Authorities

A New Jersey lawmaker introduces a bill to regulate the cryptocurrency and digital assets industry. The bill states each virtual asset company must obtain and maintain their operation license with the authorities in the state.

In a public report released on Feb. 20, New Jersey’s Assemblywoman, Yvonne Lopez (D-Middlesex), introduced a bill titled “Digital Assets and Blockchain Act” to the House. The bill is set to be tabled on the New Jersey Assembly Financial Institutions and Insurance Committee to be discussed. If the bill passes into law, then cryptocurrency companies in the state will be required to obtain operating licenses from financial authorities.

The bill is set to protect consumers from the risks and dangers digital assets pose to their investment, according to the official announcement. Lopez said,

“We must take steps to protect consumers looking to invest in cryptocurrency, while also allowing the sector to continue to develop and expand in New Jersey.”

Crypto firms in New Jersey to obtain licenses

If the DAB Act passes through to law, the blockchain and cryptocurrency companies will need to register with authorities and obtain an operation license from the New Jersey Department of Banking and Insurance. Companies with licenses from other recognized states will also be allowed operation in NJ. The announcement further reads,

“In the application process, a cryptocurrency business would be required to disclose its legal name and any fictitious or trade name the applicant uses to conduct business.”

Notwithstanding, crypto companies in the state will need provide a slew of information to the financial authorities including but not pertained to,

“any license revocation, suspension, rejection or other disciplinary action taken against the applicant in another state; a list of criminal convictions, deferred prosecution agreements, and pending criminal proceedings against the applicant; and anti-money laundering and anti-terror financing policies.”

While the overall stance on regulation in crypto and blockchain world is heavily looked down upon by crypto actors, cofounder of the Blockchain Association of New Jersey, Guillermo Artiles, believes protection of investors in the field is important for the field to grow. He said,

“Those with businesses connected to these novel technologies are eager to ensure there are protections against questionable activities for the sake of the industry’s legitimacy. As a new industry, image is important.”

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Author: Lujan Odera

Bitcoin Revolution Trader At It Again, Targets Professional Cycling Legend Peter Sagan

Peter Sagan, a renowned cycling legend, has been the latest victim of the Bitcoin Revolution scam which uses the identity of worldwide stars to dupe naive crypto investors. The scammers also use fake news articles as well as adverts.

Sagan used his Twitter account to state that he is not party to an article that was published by the scammers saying that he was an associate of Bitcoin Revolution. The article claims that Sagan had an interview on a certain Slovakian TV program and explained how Bitcoin Revolution platform is capable of making one a millionaire in a short span of 3 to 4 months.

The scammers claim that Sagan explained to the audience how they could become instant millionaires using Bitcoin Revolution. However, several minutes after the completion of the interview, Slovak National Bank officials called the TV station for the interview not to be broadcasted, but it had already been aired. The scammers stated that Sagan asked Slovakia citizens to get involved and seize the rare opportunity before it gets scrapped by the banks.

To give the article credibility, the fraudsters had posted photos of Richard Branson and Bill Gates saying that they had discussed the Bitcoin Revolution during CES 219. In addition, the site also has testimonials of different people praising Bitcoin Revolution for the opportunity given to become millionaires.

This is not the first time that Bitcoin Revolution is giving the crypto industry a negative publicity by painting it as an industry full of cons. Previously, the cons have used such big names like Richard Branson, Jeremy Clarkson as well as Alex Ferguson.

According to U.Today, Such types of scams have been on the rise and cryptocurrency anti-crusaders such as Nouriel Roubini as well as Steve Hanke, both Nobel-winning economists, have cited such scams to drive their points home against cryptocurrencies.

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Author: Joseph Kibe

Ripple’s Development Wing, Xpring, Is Financing A Project To Link XRP To Ethereum

  • As per the market caps, ETH and XRP can be said to be two of the biggest cryptos in the world and now plans are underway to link the two and make them interoperable.
  • Last weekend, a project to create a bridge linking Ethereum and Ripple was rolled out at ETH Denver and it will be bankrolled by Ripple’s development wing, Xpring.

In a blog post Ripple’s senior product chief, Warren Paul Anderson explained why the initiative was hatched. According to the post, it is clear that Ripple is aiming at capitalizing on the opportunities in the Decentralized Finance (DeFi) market on the Ethereum platform. Anderson explained:

“We think the XRP to ETH and ERC-20 tokens bridge is important since XRP is one of the most liquid cryptocurrencies in the world, but doesn’t have a compute layer to support complex smart contracts for the growing Decentralized Finance (DeFi) market on Ethereum.”

During last weekend’s meeting, developers present at ETH Denver were challenged to link the two cryptocurrencies, a task that will be carried on Interledger (ILP), Ripple’s platform used for linking blockchains. This project will go on to the development site Gitcoin up to the end of the coming week.

The development of bridges within the permissioned blockchain is not likely to suit all within the Ethereum community as the majority prioritize decentralization. Consequently, Ripple’s lightning-like transaction speeds can be imperative in providing scalability solution which Ethereum is currently yearning for.

Anderson also explained that the effort by Ethereum to attract more than 1 million developers can be boosted through the pooling of resources as well as effort and also working together as a team where necessary. Working together will make it easier for developers to build on blockchain technology while at the same time reaching the 1 million developers mark will be beneficial to all the players in the blockchain space.

Xpring has so far invested more than $500 million worth of XRP into the blockchain and fintech industry with the aim of enhancing adoption with interoperability.

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Author: Joseph Kibe

Stellar (XLM) Price Analysis (February 22)

• The cryptocurrency is in a bullish trend in the medium-term and ranging in the short-term outlook respectively.
• Patience is required at this period.

XLM/USD Medium-term Trend: Bullish
• Resistance Levels : $0.08, $0.09, $0.010
• Support Levels: $0.04, $0.03 $0.02

The coin is in a bullish trend zone in its medium-term outlook. The bulls lost momentum after an impulsive movement to $0.071 in the resistance area during yesterday’s session.

A bearish spinning top hammer at $0.071 opens today’s daily session in the support area within the range.

XLMUSD further drops to $0.069 in the support area. Price revolves around the two EMAs.

The stochastic oscillator signal is pointing down at level 16% in the oversold region an indication of downward momentum in the price of the crypto also the price may encounter a trend reversal in the nearby days in the medium-term perspective.

XLM/USD Short-term Trend: Ranging

The coin is in a range-bound market in its short-term outlook. The drop to $0.069 in the support area pushes the cryptocurrency into a range bound-market during yesterday’s session.

The 4-hourly session today opens with a formation of bullish doji candle at $0.07 in the resistance area.

The bears return gradually with an initial decrease to $0.069 in the support area. The bulls stage a return and increase price further to $0.071 in the resistance area within the range.

Price hovers around the two EMAs an indication of the undefined trend in the short- term.

However, the stochastic signal pointing up at around level 45% suggests that the price of Stellar may likely encounter a change in trend in the days ahead in the short-term.

XLMUSD is in consolidation and trading between $0.07 in the resistance area and $0.03 in the support area within the range. A breakout at the upper resistance area or a breakdown at the lower support area may occur hence patience is required to allow this to happen before a position is taken.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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Author: Ben Jordan

Ripple (XRP) Price Analysis (February 21)

Key Highlights

  • XRP/USD trade now witnesses a series of range price movements since yesterday’s trading sessions.
  • The crypto may not push northward above $0.30 also in the near time.
  • A fierce rejection at a $0.28 mark may result in a long downward price-driven in the subsequent trading day’s sessions.

Major distribution territories: $0.32, $0.34, $0.36
Major accumulation territories: $0.24, $0.22, $0.20

Ripple (XRP) Price Analysis

XRP/USD market has been dominated by a series of range price movements around since yesterday’s trading sessions until the present. The crypto has been struggling in its recovery moving bid around $0.28 price territory.

Almost alike, the US dollar hasn’t yet pushed southward beyond the $0.26 market line since the last notable dump on February 19. Every indication shows that the US dollar will not be weak soon. And the crypto may not push northward above $0.30 also in the near time.

Ripple Technical Indicators Reading

The 50-day SMA trend-line is around $0.30 mark above the smaller trading indicator, which is around $0.28 price territory. The two SMAs yet slightly point toward the south direction to indicate that the XRP/USD market downward moves haven’t completely exhausted.

The Stochastic Oscillators have crossed from the oversold region to now point north-east within ranges 40 and 20. That signifies that there may soon be featuring differential choppy price movements afterward.


The XRP/USD market point at $0.28 is now another determinant price line that the bears may have to exert force to trade towards a lower value around the major accumulation territory at a $0.24 mark. If that scenario plays out accordingly, there will be more rooms to witness a long downward price-driven in the subsequent trading day’s sessions. In addition, the XRP’s price may once again rally toward a key retarding market point $0.30 mark. And at that point, the XRP/USD bulls may be as well find it difficult to surge northward with ease.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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Author: Ben Jordan

Ethereum (ETH) Price Analysis (February 21)

• The cryptocurrency is in a bullish flag formation both in the medium and short-term perspective.
• Bull s are dominant in the market at the moment.

ETH/USD Medium-term Trend: Bullish

• Resistance levels : $270, $280, $290
• Support levels: $110, $100, $80

ETHUSD continues in a bullish trend zone in its medium-term outlook. The bears increase momentum pushes price down to $258.50 in the support area, as the market opens yesterday.

The momentum was lost as exhaustion sets in couple with the draggonfly doji that signals the bull’s return. The cryptocurrency drops to $245.28 in the support area before the end of yesterday’s session.

Today’s daily bullish opening candle at $259.44 in the resistance area returns the coin to the upper range. ETHUSD rises further to $268.30 in the upper resistance area.

Price is initially up above the resistance level with its wick touching the EMA-9, an indication of an uptrend in the momentum of the price of Ethereum.

However, the stochastic signal pointing downwards at around level 65% in the overbought region suggests that the price of Ethereun may likely encounter a trend reversal in the nearby days in the medium-term.

ETH/USD Short-term Trend: Bullish

The bullish 4-hour opening candle at $262.44 sustains the bullish momentum with price up at $264.05 in the upper resistance area.

Bulls’ increase momentum pushes price of ETHUSD further to $266.44 in the upper resistance area.

Bears’ brief return with the formation of a bearish inverted hammer candle at $263.00 drops the coin in the support area.

The cryptocurrency is trading above the two EMAs join together in the upper resistance area; this suggests strength in the context of the trend and in this case the uptrend.

However, the stochastic signal pointing up at level 45% in the oversold region is an indication that the momentum in the price of Ethereum may likely change in the days ahead in the short-term.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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Author: Ben Jordan

Is The Lightning Network Becoming More Centralized? 10% Of Nodes Hold 80% Bitcoin

The Lightning Network has been touted as the possible solution for the Bitcoin scalability concerns. However, various researches have indicated that there is a small percentage of nodes that handle most of the funds in the network. Is the decentralized finance product becoming more centralized?

The widespread adoption of the Bitcoin has now come with the scalability of the technology the BTC is built on. With reports indicating that the Bitcoin has the ability to process only a specific number of transactions per second proportional to the size of a block and its release frequency.

The Bitcoin Lightning Network (LN) has been touted as the solution to the scalability concerns. It is a “Layer 2” protocol that operates on top of Blockchain-based cryptocurrencies. An attempt to create a payment platform that overlaps over a cryptocurrency such as Bitcoin affording users cheaper and faster transactions.

A research paper points out that there is unequal distribution of wealth in the Lightning Network with some nodes holding most of the funds. Notably 10% of the nodes are controlling 80% of the funds in the Network. This exposes the vulnerability as they cannot afford to lose the nodes as they are too essential to operations.

“As only about 10% (50%) of the nodes hold 80% (99%) of the bitcoins at stake in the BLN… Removing hubs leads to the collapse of the network into many components… suggesting that this network may be a target for the so-called split attacks.”

This could be solved by lowering the barriers which may incentivize individuals such as hobbyists to take up running routing nodes. Meaning they could setup infrastructure at reduced costs as Christian Decker lightning engineer at bitcoin tech startup Blockstream explained.

After detailed analysis by researchers on the evolution of the global nodes that carry out transactions in different geographical locations they were able to determine the various nodes transactions pass through.

The end nodes are mostly passive as they just await to send and receive. However, it was the center (routing) nodes that picked up the slack by directing transactions throughout the network. This has resulted to some of them overcharging a little for their services.

In a report by Hebrew University researchers demonstrated how to exploit vulnerabilities and carry out a congestion attack that would render some routes locked for up to days. The results were damning as they proved they could effectively lock up most of lightning’s liquidity causing instability to the network.

Mr. Decker was not worried as he explained that criticizing their model could only lead to progress.

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Author: Lujan Odera

Upbit Blames South Korea’s Taxation and KYC Hurdles in Foreigners’ Frozen Funds Saga

Upbit crypto exchange woes are still on after it emerged that foreign clients to this South Korean firm are yet to withdraw their ‘frozen’ funds. The platform suffered a blow when close to $50 million worth of Ether was stolen upon a successful hack towards the end of 2019.

Most of the affected clients are from China with over 6,000 crypto traders’ assets being frozen; they cannot even withdraw using the Korean Won. This group has since concluded that Upbit may be on its way to insolvency and also understated the financial damage caused by November’s 2019 hack. So far, organized efforts to have Upbit act on its obligations have been futile.

Upbit’s Defense

The Korean crypto exchange came out to clear the air on why they are yet to release frozen funds. According to them, structural hurdles under the legalities of financial markets have mainly contributed to this situation.

Top of the list is an internal Korean tax obligation under review; this came up after the authorities took a look of Upbit’s reports in December. The firm however highlighted that,

“Upbit has been working closely with the tax authority to ensure accurate taxation standards, and also with tax experts to review taxation standards by country.”

The other hurdle is a KYC process that has been prolonged despite Upbit submitting updated clients’ records upon request last year. New regulatory pressures from Korea’s regulator may have actually caused this delay given the financial attention and scrutiny triggered by Upbit’s hack.

Users who submitted their ID’s afresh are now wondering whether they are safe or more exposed? This is quite frustrating for them and only time can reveal if indeed Upbit is being truthful in its excuses.

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Author: Edwin Munyui

Fidelity International Buys 5.6% Stake In A Hong Kong Based OSL Crypto Exchange Operator

Fidelity International, an off-shoot of renowned US-based financial asset manager Fidelity Investments, has decided to purchase a 5.6% stake in crypto exchange OSL that operates in Hong Kong.

According to public disclosure documents, Fidelity international purchased 17 million shares from BC Group which owns OSL crypto exchange. According to the deal, each share was valued at HK$6.50 (US$0.83) which translates to $14 million worth of investment which is 5.6% stake in the crypto firm.

According to CoinDesk, the current investment is one of the $36 million share placement which BC Group revealed last month. The firm which listed on the Hong Kong Stock Exchange revealed that the transactions were finished on Feb. 12, however the investors’ names were not revealed until today.

The round also attracted major global investors such as Eternity Investment Limited which is based in Hong Kong that mostly deals with jewelry products.

According to BC Group CFO, Steve Zhang, the current placement by global renowned investors is evidence that the digital asset industry is becoming of age. He added that this only confirms what the majority of crypto enthusiasts believe that mass adoption of crypto and digital assets is inevitable. He also explained that global financial companies are rapidly investing in firms which have developed institutional quality infrastructure and are compliant with the set regulatory standards.

OSL is one of the biggest cryptocurrencies exchanges within Asia which focuses on both institutional as well as individual investors offering services like trading, custody and brokerage. Recently, the firm applied for Hong Kong Securities and Futures Commission licence as per digital asset framework category.

Hugh Madden, BC Group’s CEO, expressed his gratitude that equity investors that are world-class are rapidly taking part in the ever-growing virtual asset sector. He added that the firm is optimistic of reaching new heights after the coming on-board of leading institutional investors.

From its disclosures, Fidelity International claims that it is managing customer assets valued at $418.8 billion with its clientele coming from all over the world.

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Author: Joseph Kibe